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Israel’s JFrog files plans for $100 million Nasdaq IPO

Though the company’s valuation has yet to be announced, in the past it has completed funding rounds at values surpassing $1.5 billion

Meir Orbach 08:5425.08.20
Israeli DevOps technology company JFrog Ltd. has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) on its plan to carry out a $100 million IPO on Nasdaq under the ticker symbol “FROG.” The number of shares to be offered and the price range for the proposed offering have not yet been determined.

 

Though the company’s valuation has yet to be announced, in the past it has completed funding rounds at values surpassing $1.5 billion and it is expected to increase significantly ahead of the IPO.

 

JFrog co-founders. Photo: Shachar Maor JFrog co-founders. Photo: Shachar Maor
According to the company’s Monday filing, at the end of the second half of 2020 JFrog had more than 5,800 clients, including all 10 leading tech firms, eight of the leading financial services organizations, nine of the largest retail organizations, and eight of the leading healthcare organizations.

 

JFrog reported on sales totaling $128 million in the 12 months ending on June 30th, 2020.

 

The company was founded in 2008 by CEO Shlomi Ben Haim, Yoav Landman, and Frederic Simon. JFrog develops tools designed to streamline the coding process and automate software updates. Its technology is currently involved in most of the world’s software updates.

 

In its filing, the company stated that the Covid-19 pandemic and the restriction put in place to curb it, has brought about a slowdown in its growth. It said it anticipated a decline in growth due to a drop in the number of new clients and upgrades by existing clients, caused by the changes to clients’ expenses and computing budgets. It said, however, that in the second quarter it had felt more market support for its products and expressed faith that the transition to cloud computing created ample opportunities for the company.

 

The Israeli company's revenues at the end of 2019 were $104.7 million compared to $63.5 million at the end of 2018. In the first half of 2020, the company recorded revenues of $69.2 million compared to revenues of $ 46.1 million in the first half of 2019. JFrog also reported a very low operating loss in the first half of the year of about $761,000 compared to a loss of $3.1 million in the first half of 2019. In 2019 the company’s operating loss was $6.9 million and in 2018 it was $26.8 million.